09-02-2011
• arclein
Virtually all of the activity that took place during the boom years was based on two ridiculous premises: one, a house was viewed to a large degree as an entitlement, when the government contended (and still does) that a certain number of mortgages should be exempt from the normal requirements imposed on borrowers; and two, real estate values would continue to go up indefinitely. Neither of these premises withstood reality.